Tom Benson wants sports teams out of daughter’s trust

Tom Benson, the owner of the New Orleans Saints and the New Orleans Pelicans, filed a lawsuit on March 11 in an effort to remove the two teams from the trusts assigned to his estranged daughter and her kids, according to a report by The New York Times.

The lawsuit, which was filed in the U.S. District Court for the Eastern District of Louisiana, requests to allow Benson to remove the ownership in exchange for $556 million worth of secured promissory notes. The move was done to fulfill his wish of leaving the two teams to his third wife and not to his daughter Renee and grandchildren Rita and Ryan, which was the previous plan.

Last January, Benson expressed his intention to leave the two teams to his third wife. The announcement led his daughter and his grandchildren to file a claim that sought to declare that Benson is mentally incapable of running his own businesses, and Renee should therefore take charge of his financial affairs.

If you are facing any probate issue in Chicago, a lawyer at Peck Ritchey, LLC, might be able to help you protect you and your loved one’s future. Call us at (855) 328-5787 to learn more about how we may put our experience to work for you.

Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedIn

Late Nirvana frontman’s only daughter buys $1.8 million home

Frances Bean Cobain, the only daughter of late Nirvana frontman Kurt Cobain, recently purchased a $1.8 million-dollar Spanish inspired home in California, FWN reported on October 29.

According to the report, the 22-year-old model and artist was able to buy the 3,350 square foot property through the multi-million dollar trust fund she inherited from her father. The late lead singer’s estate is worth $450 million, 37% of which is named to his sole daughter.

The two-story house situated in Hollywood Hills was built in the 1930’s by architect Carl Jules Weyl, the art director of the film Casablanca.

The trust fund was created in 1997, three years after Kurt Cobain’s death, “to protect Frances Bean from creditors or future ex-spouses.”

At Peck Ritchey, LLC, our attorneys work to take care of our clients’ loved ones by assisting them through the process of planning their estates. To get started, speak with one of our Chicago-based estate planning attorneys by calling (855) 328-5787 today.

Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedIn